Orr explains how the RBNZ is driving the economy
Fighting inflation during a pandemic led the Reserve Bank into a conservative position where it sought to avoid error, rather than boldly chart a new course, economists have been told.
This view was expressed by Reserve Bank governor Adrian Orr, in a speech to the Waikato University Economics Forum.
“From the outset of this health shock, the Reserve Bank’s Monetary Policy Committee was convinced that a search for economic certainty was near-futile,” Orr said.
“Instead, we needed to provide as much monetary policy certainty as possible within an uncertain economic environment.”
Orr went on to explain this approach further.
“This is why we adopted a ‘least regrets’ framework for deciding on our actions, and continue to do so today,” he said.
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